Archive for the ‘Tip Of The Day’ Category

Deduction #41. Anti-virus software

Not only is anti-virus software deductible, it’s a downright necessity in today’s world. If you have anti-virus software on your business computer, it is a deduction. However, it’s not deductible if it’s on your personal computer. Remember that a computer is considered a listed property, which means that you are supposed to keep a log ...

The Balance Sheet

The Balance Sheet is one of the three financial statements used by businesses. It is used to report assets, liabilities and stockholder’s equity/member capital/partner capital. It is reported as of a certain date. The Balance Sheet is comprised of: Assets: Current assets Cash and cash equivalents Current receivables Current investments Inventories Prepaid expenses Noncurrent assets ...

Deduction #22. Airborne Courier Charges

Yes, freight charges are deductible. This is one of those ‘small’ expenses that can really add up, but unless you have a good system for tracking deductions...

Find a Good CPA: Credentials are Vital

Today’s tax tip is “Find a good CPA” but really it should be “find someone good for your particular tax situation. There are three credentials to look for: CPA – Certified Public Accountant EA – Enrolled Agent Attorney – Look for membership is a State Bar. Neither a “JB” or registration in the ABA (American ...

Deduction #21. Air purifier

If your have a doctor’s prescription for a medical device, you’ve probably got a medical expense deduction. This could include an air purifier as well. Just because something is deductible, though, doesn’t mean you’re going to get to take the deduction. Most likely the deduction will have to go on your Schedule A – Itemized ...

Deduction #20. Air Fresheners

We’re up to Deduction 21 of the 1000+ possible business deductions. Please go to 1000+ Possible Business Deductions for Your Business to get your own copy. Air fresheners can be a deduction for your business vehicle (if you take actual expenses) or your office, including your home office. Don’t forget to take a deduction for ...

Accounts Receivable Terms to Know

If a customer owes you money for a product you sold or service you provided and has not yet paid, then that is an Accounts Receivable (A/R). Accounts Receivable is an asset on the Balance Sheet and only found if you have accrual basis accounting. At any given time, the Accounts Receivable total is the ...

Deduction #19. Air emission tax

When you’re putting together 1000 possible deductions for something like 1000+ Possible Business Deductions for Your Business, you sometimes have to think of every possibility for every type of business. That’s how we get to the “Air emission tax” as one of our deductions. Does your factory pay an air emission tax? Then it’s probably ...

Deduction #18. Air conditioner – when necessary for relief from allergies

If your have a doctor’s prescription for a medical device, you’ve probably got a medical expense deduction. This could include an air conditioner that works as an air cleaner/filter as well. Just because something is deductible, though, doesn’t mean you’re going to get to take the deduction. Most likely the deduction will have to go ...

Deduction #17 Air conditioner for rental properties

Got rental properties? Don’t forget to take the deduction for heating and air conditioner expenses for your property. Generally these are considered rental expenses. If you make repairs to a property that extend the life of the property, then the expenses generally must be capitalized and depreciated. For example, if you buy a new or ...